President Yoon Suk-yeol prioritized stabilizing prices and enhancing people’s living standards amid the prevailing global economic challenges in his budget speech on Tuesday. He emphasized the significance of bipartisan unity in light of global economic uncertainties and security threats, notably the extended war between Russia and Ukraine and the intensifying conflict between Israel and Hamas. Yoon highlighted that the 2024 budget, valued at $487 billion (657 trillion won), is a strategic plan to counteract these global challenges and improve citizens’ well-being.

Further, Yoon affirmed the government’s commitment to maintaining sound fiscal policies. Acknowledging the International Monetary Fund’s endorsement of South Korea’s fiscal approach, his speech primarily detailed budgetary allocations, emphasizing increased welfare provisions for the vulnerable and highlighting efforts to reduce basic living expenses. Yoon pledged more financial services for low-income individuals and assistance for young job seekers and students and announced a $3.3 billion (4.4 trillion won) investment in sectors like artificial intelligence and biotechnology.